Mortgage Choice enters agreement to be acquired by REA Group

March 29, 2021

National mortgage broking franchise Mortgage Choice has today announced that REA Group Ltd
(REA) proposes to acquire 100% of Mortgage Choice by way of a scheme of arrangement.

REA will add the Mortgage Choice enterprise to its global operation, which includes franchise broking
group Smartline. Combining Smartline and REA’s extensive audience and data insights with Mortgage
Choice’s sizeable footprint and strong brand, will create an Australian mortgage broker with over 900
brokers and significant growth opportunities.

Commenting on the announcement, Mortgage Choice CEO, Susan Mitchell said “We are very excited
to be partnering with REA. Their presence across the property ecosystem and strong digital capability
will cement Mortgage Choice’s place as one of the top broking groups in Australia. This will enable us
to operate at much greater scale and amplify our service offering to brokers and customers.”

Mortgage Choice has made significant investments in its business over the past three years to grow
its franchise network, improve broker productivity and instil market-leading compliance practices in a
period of intense regulatory change. This included the delivery of a new technology platform and the
implementation of a refreshed brand strategy, resulting in increased broker productivity and
significant growth in customer leads and conversion rates.

Ms Mitchell said she sees joining REA as the next chapter for the business, building on the solid
foundations already set and providing an accelerated pathway to growth.

“My focus over the past three years has been to set the business up to drive sustainable growth. Our
businesses are highly complementary and this will fast track that growth, advance digital pathways to
increase customer acquisition and provide an altogether stronger offering to franchisees.”

Subject to Mortgage Choice shareholder and court approval, the scheme is expected to complete in
mid-2021.